Buy Now Pay Later Rule is a Step Forward for Consumer Protection
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule for Buy Now Pay Later (BNPL) lenders. “We welcome this rule as a step toward ensuring consumers have the protections that they reasonably expect from a credit card. We look forward to the CFPB’s continued work in this market,” said Nadine Chabrier, litigation and policy counsel at Center for Responsible Lending. “Like other credit card issuers, BNPL lenders will be required to investigate disputes, help facilitate returns and refunds for purchases and provide billing statements. It makes sense